Nigeria’s inflation rate has shown a modest decline, easing to 15.10 percent in January 2026 from 15.15 percent in December 2025, according to data released by the National Bureau of Statistics (NBS) on Monday. This marks a slight disinflation, where price increases have slowed but remain positive.
The NBS reported that the Consumer Price Index (CPI), which tracks the average change over time in prices paid by consumers for a basket of goods and services, fell to 127.4 in January 2026 from 131.2 in December 2025. This represents a decrease of 3.8 index points. On a month-on-month basis, the headline inflation rate was -2.88% in January, a significant drop from 0.54% in December 2025, indicating a deceleration in the pace of price growth compared to the previous month.
Food inflation, a critical component affecting household budgets, also moderated to 8.89% in January from 10.84% in December. This follows a brief rise in December 2025 when inflation reached 15.15%, highlighting recent volatility in price trends. The NBS disseminates these updates through official reports and social media platforms like X, ensuring timely access to economic indicators.
Despite the statistical easing, many Nigerians continue to report high living costs, reflecting a gap between official figures and everyday experiences. Inflation has remained a persistent challenge in Africa’s largest economy, often driven by factors such as currency fluctuations, supply chain constraints, and global commodity price shifts. The Central Bank of Nigeria (CBN) has historically targeted single-digit inflation to foster stability, but rates have frequently exceeded this benchmark, eroding purchasing power.
The CPI encompasses categories like food, housing, transportation, and healthcare, providing a comprehensive measure of consumer price changes. Disinflation, as seen in January, does not imply falling prices but a slower rate of increase. Economists will examine this data for sustainability, considering core inflation metrics and sector-specific trends.
Looking ahead, the January data may influence monetary policy deliberations, as the CBN assesses interest rate adjustments to anchor expectations. However, translating disinflation into tangible relief for households requires addressing structural issues, including agricultural productivity and exchange rate management. Public awareness of rising costs underscores the need for policies that enhance real incomes and economic resilience.
In the near term, the NBS will continue monthly monitoring, with subsequent reports crucial for gauging whether this decline marks a sustained trend. For international observers, Nigeria’s inflation path remains a key indicator of economic health and investment climate in West Africa. While the easing offers a tentative positive signal, the persistent high cost of living signals that significant work lies ahead to achieve lasting price stability and broad-based prosperity.
